Canadian Imperial Bank of Commerce to process international payments for Lucrotec’s intelligent payment automation service
November 20, 2018 ROCKAWAY, NJ –
Lucrotec, an intelligent payment automation solution provider, today announced that it has completed an agreement with Canadian Imperial Bank of Commerce (CIBC) for the processing of international payments made for Lucrotec’s payment automation clients. As a result of the agreement, Lucrotec has the ability to transact with the entirety of the CIBC banking network, including CIBC operations located in the United States, Caribbean, Asia, and Europe.
Founded in 1867 and headquartered in Toronto, Ontario, CIBC, is one of the "Big Five" banks in Canada. As of the year ended October 2018, CIBC reported assets of $597.1 billion, revenue of $17.8 billion, and net income of $5.3 billion. From Personal, Business, and Commercial Banking to Wealth Management and Capital Markets businesses, CIBC’s 44,000 employees provide a full range of financial products and services to 10 million clients in Canada, the United States, and around the world. Global Finance Magazine named CIBC as the Best Treasury and Cash Management Bank in Canada for the third time in 4 years, emphasizing the bank's focus on client service and innovation.
“We are pleased to add CIBC to Lucrotec’s banking network,” stated David Spofford, chief executive officer for Lucrotec. “While we expect that a majority of our transactions with CIBC will initially be focused on payments to North American-based vendors, CIBC’s international capabilities will undoubtedly prove valuable to Lucrotec customers with vendor relationships in CIBC-supported regions including Europe, Asia, and the Caribbean. Rated as a top Canadian financial institution, CIBC is a trusted partner in Lucrotec’s delivery of innovative, secure, and scalable payment automation solutions to global enterprises.”
Lucrotec provides technology-driven, business to business payment automation solutions and consulting services to global enterprises. Without disrupting established accounts payable processes, Lucrotec clients experience new and dramatically enhanced revenue streams, improved process efficiencies, reduced operational costs, decreased fraud risks, and increased visibility into their vendor expenses and relationships.
Lucrotec's intelligent payment automation solution combines service expertise in technology and financial management with proprietary software that automates and optimizes the entire vendor payment process. Lucrotec payment automation ensures payments are secure, accurate, on-time, and optimized to generate optimal financial rewards for its clients.
Additional information about Lucrotec, its products, services and, business partners can be found at www.lucrotec.com, or requested via e-mail at firstname.lastname@example.org, or by calling 1.855.677.6348.